Calculated Industries 3442 - Manual (Page 63)

58 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Qualifying Comparison (Comparing 2 Different Loans or
Ratios at Once)
Given a buyer’s annual income of $45,000, $500 in long-term
monthly debt, estimated monthly homeowner’s association dues of
$50, an interest rate of 7.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and 33%:40%
ratios? Also, find the corresponding total monthly payment for each.
Estimate property tax/insurance rates of 1.25% and .3%, respective-
ly, and a mortgage insurance rate of .45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual income 4 5 ) i 45,000.00
Enter monthly debt 5 0 0 D 500.00
Enter monthly assn. dues* 5 0 s D 50.00
Enter interest 7 • 2 5 ˆ 7.25
Enter term 3 0 T 30.00
Enter property tax rate 1 • 2 5 s 7 1.25
Enter property ins. rate • 3 s 8 0.30
Enter mortgage ins. rate • 4 5 s 9 0.45
Display Qual 1 stored ratios q 28.00-36.00
Find Qual 1 qualifying loan q “run” 94,245.94
Find Qual 1 P&I payment p 642.92
Find PITI payment p 800.00
Find total payment p 850.00
Find interest-only payment p 569.40
— DO NOT CLEAR CALCULATOR —
STEPS KEYSTROKES DISPLAY
Display Qual 2 stored ratios Q 33.00-40.00
Find Qual 2 qualifying loan Q “run” 111,917.05
Find Qual 2 P&I payment p 763.47
Find PITI payment p 950.00
Find total payment p 1,000.00
Find interest-only payment p 676.17
Note: Press s before pressing q or Q in these examples for Interest-Only
qualifying.
For Desktop Model (#43442) Users:
*Enter 5 0 A on the Desktop model.